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Good Points Blog

Retaining FI Customers and Driving Brand Loyalty

We all make mistakes, and while most people believe that everyone deserves a second chance, financial institutions often find that a single foul-up can result in a lost customer. So how can your organization fight that response? We set out to answer that question, and, in particular, the role compensation plays in customer recovery.

Consumer compensation behaviors

It turns out, only 40 percent of FI customers receive compensation after a negative experience – a figure organizations should take note of, as 64 percent of FI customers are not likely to stay with a brand if they do not receive some sort of compensation.

But compensation is not a silver bullet. In some cases, when the compensation is deemed inadequate by the recipient, it can make a customer feel worse. And for 17 percent of financial services customers, they’re not looking for a financial response – they’d be happy with a simple apology.

Instead of playing the guessing game, we surveyed 1,500 Americans, with the help of Ipsos Public Affairs, to gain insight into consumer attitudes on brands’ customer mitigation process. Download the FI special edition of our service recovery whitepaper, “The Art of Keeping Customers,” to learn more about:

As experts in customer loyalty for more than 30 years, Connexions Loyalty helps organizations motivate, reward and retain their customers, employees and partners. The world’s top brands turn to us for loyalty management, consumer rewards, rewards fulfillment and card benefits. Our loyalty programs are available to more than 200 million people in North America, South America, Africa and Asia. Connexions Loyalty, an Affinion Group company, employs 800 talented team members with offices in the United States, Brazil and Singapore.